Futures indicated that the risk-on rally was set to continue in Europe, with the Eurostoxx 50 futures up 0.44%, German DAX futures 0.36% higher and FTSE futures up 0.30%.rose 0.77%, set for its third straight day of gains. The index is up 2% for the week and on course for its best weekly gain in a month.
"I think there is a bit of nervousness ahead of the CPI," said Shane Oliver, head of investment strategy at AMP Capital. "There's optimism that it's going to show a further fall but there's awareness, too, that core inflation has been sticky." Fed officials have indicated they expect to hike interest rates by at least another 50 basis points as they tackle persistent price pressures.
In June, the central bank raised its overnight rate to a 22-year high of 4.75% after a five-month pause, saying monetary policy was not restrictive enough. It then said further moves would depend on economic data.
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